Investors in Asia now believe Trump's going to be great for markets

An
employee of a foreign exchange trading company looks at a monitor
showing U.S. President-elect Donald Trump speaking on TV news in
Tokyo, Japan, November 9, 2016.REUTERS/Toru
Hanai

What a difference a day, or even less, makes.

After thinking that he would send the global economy to hell in a
hand basket on Wednesday, investors across Asia are now euphoric
over the election of Donald Trump as the next US president,
buying anything resembling a risk asset less than a day later.

It’s remarkable. From pessimism to praise in less than 24 hours.

“Make America great again”, Trump’s campaign slogan, now appears
to be taken as gospel by investors around the world, at least in
economic terms.

Notable performances today come from the Japanese Nikkei, sitting
up close to 6% after falling by a similar margin yesterday, while
major indices elsewhere have added between 1.2% to 2.74%.

A chalk and cheese performance if there’s ever been one.

Elsewhere bulk and base commodity futures are going nuts,
recording some eye-watering gains, while gold, after a being put
through the ringer overnight, has regained its poise, sitting up
more that half a percent.

The US dollar, after screaming higher in the later parts of
Wednesday’s session, is also softer, perhaps mirroring the small
decline in US bond yields.

There’s a lot to cover, so here’s the market scorecard as at
1.15pm in Sydney: